Regulatory overview · Not legal advice

Publishing Verified Trader Performance — Italy Regulatory Overview

How NakedPnL is positioned in Italy under CONSOB, Banca d'Italia, the TUF, MiFID II, MiCA, and the Garante per la Protezione dei Dati Personali GDPR regime.

By NakedPnL Research·May 7, 2026·11 min read

TL;DR

NakedPnL is not authorised by CONSOB as a Società di Intermediazione Mobiliare (SIM) and is not registered as a Consulente Finanziario in the OCF Albo Unico.
The consulenza in materia di investimenti perimeter under Article 1, paragraph 5-septies of the TUF mirrors MiFID II Article 4(1)(4); impersonal published content is positioned outside it.
MiCA (Regulation (EU) 2023/1114) governs crypto-asset services across the EU; NakedPnL does not provide a crypto-asset service under MiCA Article 3(1)(16).
Personal data of Italian residents is processed under GDPR and the Codice in materia di protezione dei dati personali (D.Lgs. 196/2003 as amended), supervised by the Garante per la Protezione dei Dati Personali.
Italy is mapped to the eu disclaimer variant in lib/jurisdictions.ts, with a MiFID II Article 4(1)(4) notice and explicit consent for cookies.

NakedPnL operates a public registry of verified investment performance produced by individual traders who voluntarily connect read-only exchange API keys or sign on-chain wallet attestations. Daily NAV snapshots feed a time-weighted return (TWR) calculation; results are recorded in an append-only, SHA-256 chained ledger and Merkle-anchored to Bitcoin via OpenTimestamps so any third party can independently re-verify them.

This page describes how that activity is positioned under Italian law, with reference to the Commissione Nazionale per le Società e la Borsa (CONSOB), the Banca d'Italia, the Testo Unico della Finanza (TUF, D.Lgs. 58/1998), the Regolamento Intermediari (CONSOB Resolution No. 20307/2018), MiFID II, MiCA, and the GDPR / Codice Privacy framework supervised by the Garante per la Protezione dei Dati Personali.

How NakedPnL is classified in Italy

NakedPnL's activity is the production and distribution of factual performance data. The platform is not authorised by CONSOB under Article 19 TUF as a Società di Intermediazione Mobiliare (SIM), is not registered with the Organismo di Vigilanza e tenuta dell'albo unico dei Consulenti Finanziari (OCF) as a consulente finanziario abilitato all'offerta fuori sede or as a consulente autonomo (CFA), and does not appear in the CONSOB or Banca d'Italia registers.

Consulenza in materia di investimenti: Article 1, paragraph 5-septies TUF

The consulenza in materia di investimenti perimeter is set out in Article 1, paragraph 5-septies of the TUF: it is the provision of personalised recommendations to a client, either at the client's request or on the firm's initiative, in respect of one or more transactions involving specific financial instruments. The wording follows MiFID II Article 4(1)(4); the operative element is that the recommendation must be presented as suitable for a specific client or be based on consideration of the client's circumstances.

CONSOB Communication 30396/2000 (and successor communications) and the Regolamento Intermediari draw a clear line between consulenza generica (general factual analysis without a personalised recommendation, outside the regulated perimeter) and consulenza in materia di investimenti (regulated personalised advice). The same line is recognised in ESMA's Q&A on MiFID II investor protection.

NakedPnL does not produce client-specific outputs. The registry shows the same content to every reader of a given page; the platform does not collect a client's conoscenza ed esperienza or obiettivi di investimento and does not perform a valutazione di adeguatezza under Article 39 of the Regolamento Intermediari. On those facts, the platform's analysis is that the published content is general information and is outside the consulenza in materia di investimenti perimeter.

SIM, intermediazione, and the licensing perimeter

Articles 18 and 19 TUF reserve the carrying-on of investment services and activities (servizi e attività di investimento) to authorised persons — Italian SIMs, Italian banks, EU investment firms passporting in, EU credit institutions, and other entities listed in the TUF. The investment services are listed in Article 1, paragraph 5 TUF and align with MiFID II Annex I, Section A: dealing on own account, execution of orders for clients, reception and transmission of orders, portfolio management, placement, underwriting, consulenza in materia di investimenti, and operating multilateral trading facilities or organised trading facilities.

NakedPnL does not provide any of those services. It does not deal on its own account, does not execute orders, does not receive or transmit orders, does not manage individual portfolios, does not place or underwrite financial instruments, and does not operate any trading venue.

MiFID II, MiCA, and EU-level overlay

MiFID II (Directive 2014/65/EU) and MiFIR (Regulation 600/2014) set the EU-wide conduct-of-business framework for investment firms. Their Italian transposition into the TUF and the Regolamento Intermediari governs Italian SIMs and consulenti finanziari. NakedPnL is not an investment firm under MiFID II Article 4(1)(1).

MiCA (Regulation (EU) 2023/1114) entered into application for crypto-asset service providers (CASPs) on 30 December 2024. Crypto-asset services are listed in Article 3(1)(16) and detailed in Annex I — including custody, exchange, transfer, advice, and portfolio management of crypto-assets. The Italian DLT Pilot regime (D.L. 25/2023) and the OAM crypto-asset registry coexist with MiCA during the transitional period. NakedPnL does not provide any of those services.

What NakedPnL does not do

No copy trading. The platform cannot replicate a trader's positions into another user's account.
No consulenza in materia di investimenti under Article 1, paragraph 5-septies TUF.
No reception or transmission of orders.
No gestione di portafogli for clients.
No collocamento or underwriting of financial instruments.
No crypto-asset service under MiCA Article 3(1)(16).
No custody of crypto-assets, fiat, or financial instruments.
No offerta fuori sede activity under Articles 30 and 31 TUF.

These design choices are encoded as feature flags in the codebase and protected by a continuous-integration test that fails the build if any flag is changed.

What Italian users should know

Italian users should treat the registry as factual performance data. I rendimenti passati non sono indicativi dei rendimenti futuri — a phrase CONSOB and ESMA require regulated firms to display alongside past-performance information. NakedPnL applies an equivalent statement on every trader profile.

If a third party offers to manage your money based on a NakedPnL track record, that party is responsible for its own CONSOB authorisation or OCF registration. Check the OCF Albo Unico, the CONSOB lists of authorised SIMs and EU passporting firms, and the CONSOB warning list (Soggetti non abilitati) before transacting with any firm that holds itself out as authorised. NakedPnL does not vouch for any third-party manager.

Dati personali: GDPR, Codice Privacy, Garante

GDPR (Regulation (EU) 2016/679) applies directly. The Codice in materia di protezione dei dati personali (D.Lgs. 196/2003), substantially amended by D.Lgs. 101/2018 to align with the GDPR, supplements it nationally. The Garante per la Protezione dei Dati Personali is the Italian supervisory authority and issues binding guidance, including the Provvedimento generale sulle linee guida cookie e altri strumenti di tracciamento (10 giugno 2021).

Lawful bases used by the platform include performance of a contract for users with an account, legitimate interests for minimal aggregated analytics, and explicit consent for the public listing of a trader's handle and TWR series in the registry. Cookies and similar technologies generally require consent under Article 122 of the Codice Privacy, except for those strictly necessary for the requested service. Users can exercise rights under Articles 15 to 22 GDPR through the privacy contact and may complain to the Garante via the garanteprivacy.it complaint portal.

Tax considerations

NakedPnL is not an Italian sostituto d'imposta or financial intermediary and does not produce CU or pre-filled tax declarations. Capital gains for individuals are taxed under TUIR Article 67 et seq. — most financial gains are subject to a 26% imposta sostitutiva. Crypto-asset gains realised from 1 January 2023 follow the regime introduced by Law 197/2022 (Article 1, paragraphs 126 ff.). A commercialista iscritto all'Albo is the right resource for specific questions.

EU disclaimer variant for Italy

Italy is part of the European Union and is mapped to the eu disclaimer variant in lib/jurisdictions.ts. The user-visible additional notice reads: This service does not constitute investment advice under MiFID II Article 4(1)(4). Performance data is published for informational purposes only. The eu variant also requires a cookie consent banner and explicit consent under GDPR and the Italian ePrivacy implementation in Article 122 of the Codice Privacy.

Frequently asked questions

Frequently asked questions

Is NakedPnL authorised by CONSOB or Banca d'Italia?

No. NakedPnL is not registered as a SIM under Article 19 TUF, is not registered in the OCF Albo Unico of consulenti finanziari, and does not appear in the CONSOB or Banca d'Italia registers. The platform's posture is that its publishing activity falls outside those licensing perimeters.

Does the platform provide consulenza in materia di investimenti under Article 1, paragraph 5-septies TUF?

No. The platform does not collect a client's conoscenza ed esperienza or obiettivi di investimento and does not perform a valutazione di adeguatezza. The same registry data is shown to every reader of a given page. On that basis, the platform's analysis is that the activity is consulenza generica or general information rather than regulated personalised advice.

Does MiCA require NakedPnL to register as a Crypto-Asset Service Provider?

The platform's analysis is that it does not provide a crypto-asset service under MiCA Article 3(1)(16). It does not custody, exchange, transfer, advise on, or manage crypto-assets. Read-only API keys and on-chain wallet attestations confer no spending or transfer authority.

Does the offerta fuori sede regime under Articles 30 and 31 TUF apply?

No. The offerta fuori sede regime applies to the promotion and placement of financial instruments and investment services outside the registered office of the offeror. NakedPnL does not promote or place financial instruments and does not offer investment services. Its activity is the publication of factual performance data on a website that users actively visit.

How do I exercise my GDPR rights as an Italian resident?

Traders can withdraw their public-listing consent from account settings, which removes the registry entry from public endpoints. For broader rights under Articles 15 to 22 GDPR, contact the privacy team via the channel listed in the privacy notice. Complaints may be addressed to the Garante per la Protezione dei Dati Personali through the garanteprivacy.it portal.

If a SIM or consulente finanziario wants to advertise NakedPnL track records, can they?

That is for the regulated firm and its compliance function to assess against Articles 21 and 23 TUF, the Regolamento Intermediari, and ESMA's Q&A on investor protection covering past-performance presentation. NakedPnL does not approve those communications.

References